first_imgGovernor Wolf Announces New Funding to Help Create a New Shopping Center with Supermarket in Reading October 29, 2019 SHARE Email Facebook Twittercenter_img Press Release Harrisburg, PA – Governor Tom Wolf today announced that Commonwealth Cornerstone Group (CCG) has completed a New Markets Tax Credit (NMTC) transaction of up to $8 million to rehabilitate a former automotive dealership site into a mixed-use retail shopping center in Reading.“This large, vacant parcel of land was having a negative effect on nearby neighborhoods, discouraging investment and reducing home values,” said Gov. Wolf. “Bringing life back to this property through the variety of retail shops planned for the site will be of benefit to people in that area and should attract additional economic development.”The 45,288-square-foot structure along Lancaster Avenue was formerly known as the A.W. Cadillac Building and has been vacant for several years. Once rehabilitated, the building will house a number of tenants including an El Gallito Grocery, a nail salon, a smoothie shop, a pharmacy, a restaurant, a beauty and barber school, and a daycare center. The supermarket, which would be the anchor store in the shopping center, is especially welcome in that part of Reading, which has a shortage of healthy food offerings for people living nearby.With six prospective tenants from the surrounding low-income community planning to occupy the shopping center, it’s crucial that these businesses are able to pay rents that keep the project financially viable. With a total project cost of $8.6 million, the NMTC allocation will enable Shuman Development Group (SDG), the project sponsor, to close the financing gap, renovate the existing building, and offer tenants below-market rents.“This planned shopping center will be less than two blocks from Oakbrook Homes, the largest low-income housing development in Berks County, with more than 4,000 low-income residents,” said PHFA Executive Director and CEO Brian A. Hudson Sr. “The supermarket, pharmacy, daycare center, and other shops should be a welcome addition to the neighborhood.”In addition to the supermarket, the daycare center planned for the shopping center is expected to benefit local families. It’s anticipated that the daycare center will serve about 55 children a day, with most coming from low-income families.This project is expected to create 24 temporary, full-time construction jobs. Following the rehabilitation and conversion of the building into a shopping center, the project is expected to support 200 employees at an average wage of $12.39 an hour. The MIT living wage for Berks County is $12.36 an hour. It’s estimated that 98 percent of these jobs will be accessible to low-income people. It’s also predicted that the operation of the new shopping center will support 40 indirect jobs with $2.5 million in added wages.About Shuman Development GroupAs the only commercial real estate development company founded, headquartered, and primarily focused within the city of Reading, Shuman Development Group is Reading’s leading developer. SDG has redeveloped, sold, or leased more than 2 million square feet and more than $100 million of commercial property in downtown Reading. This project will be SDG’s third shopping center in the city of Reading.About Commonwealth Cornerstone GroupThe goal of CCG, through its administration of New Markets Tax Credits, is to fund projects in key areas of communities that have historic or cultural value and offer opportunities to spark economic revitalization. CCG utilizes NMTCs to provide loans and equity investments for business expansion, mixed-use development, and community facilities across Pennsylvania. Examples of past developments that have benefited from CCG’s investment of tax credits include Bakery Square in Pittsburgh, the Coal Street Community Facility in Wilkes-Barre, and Schmucker Hall in Gettysburg. Learn more at: www.commonwealthcornerstone.org/.About the New Markets Tax Credit ProgramThe New Markets Tax Credit Program was established by Congress in 2000 to spur new or increased investments in operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making equity investments in specialized financial institutions called community development entities, such as Commonwealth Cornerstone Group. The program is administered by the U.S. Department of the Treasury.last_img read more

first_imgNational Patriotic Party (NPP) senatorial aspirant Saah Richard Gbollie has assured citizens of Margibi County that there will be no secrecy in the management of the County’s Development and Social Funds if he is elected Senator on Saturday, December 20.The NPP candidate told hundreds of supporters that the citizens of the county are not feeling the impact of the CDF and SDF from China Union and other companies owing to secrecy among the county leadership.  He said he would immediately tackle this problem upon his election to the Senate.The former Margibi lawmaker said he would also seek a review of the Firestone concession agreement to further improve the livelihood of citizens and residents of the county.“Where is your US$1m from China Union? You won’t know because there are a lot of secrets going on, but when you elect me, you will know about all your money,” Mr. Gbollie said.He gave the assurance on Monday when he was invited by the leadership and members of the Elders Itayee Center and the Forum for Intellectual Discussion Itayee Center, located in Harbel Market on the Firestone Plantation.The 2011 defeated Senatorial candidate also assured the people of Margibi of sustainable development, good health, women’s empowerment and human   resource capacity building.“Vote for me for proper representation, accountability and leadership,” the former Margibi lawmaker said.In the Margibi County senatorial race, Mr. Gbollie and 12 other candidates are contesting for the lone seat, occupied by incumbent Senator Clarice Jah.The head of the secretariat of Saah Gbollie’s campaign team, Ebenezer Wilson, said his candidate’s senate race is based upon his past records.According to Mr. Wilson, nationally, from 2006 to 2012, Mr. Gbollie was credited as the lead lawmaker for the Security Sector Reform process for leading major reforms in the Liberian Security Sector thru the crafting and sponsoring of key legislative instruments, including the New Defense Law.He said that Mr. Gbollie became known among his peers as forceful and a floor fighter in his stance on national issues.“At the District and County level, he supported and is still supporting scholarship, tuition aid and youth exposure schemes. He built a medical facility and constructed modern bus stops along the Harbel – 15 gate routes to shelter commuters waiting for commercial vehicles. He also facilitated broad based Economic Empowerment Initiative for his constituents,” Mr. Wilson said. “Rep. Gbollie used his oversight to advocate for reform in Firestone; something which saw direct benefits to the people of Firestone thru quality medical service, education and improved housing for employees and dependants of the Firestone.”He added: “Harbel Multilateral received direct support from the Renegotiated Firestone Agreement because of the argument proffered by Gbollie and his peers and for the first time in 80 years, Firestone runs a functional and well equipped high school; second to none in the Republic.”A female supporter, Ruth Nah,  said: “We have followed SRG (as he is affectionately called) and those things he did never happened through natural means, because as the man in whose district these things became visible, he had to make laws, represent his people and use his oversight responsibility for their protection and benefit. That he did and that I am sure he will do more if given the chance by the people of Margibi County this year.”Meanwhile, prior to Mr. Gbollie becoming a lawmaker, he served as senior police personnel during the regime of former President Charles Taylor. He was one of Taylor’s leading generals who participated in the civil war.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more